Vice Media and Chapter 11 Bankruptcy

Vice Media Group officially filed for Chapter 11 bankruptcy on Monday morning as the latest in a series of media layoffs, cuts and shutdowns this year². The company filed for Chapter 11 bankruptcy protection Monday to facilitate a sale of the company⁵.


What is Chapter 11 Bankruptcy?

Chapter 11 bankruptcy is a reorganization bankruptcy. It is a process that allows a business or individual to reorganize its finances and continue operating. In Chapter 11, the debtor typically proposes a plan of reorganization to its creditors. The plan must be approved by the bankruptcy court. If the plan is approved, the debtor will be able to continue operating and make payments to its creditors under the terms of the plan.

There are several benefits to filing Chapter 11 bankruptcy. First, it can stop creditors from taking legal action against the debtor. Second, it can provide the debtor with time to develop a plan to repay its creditors. Third, it can allow the debtor to restructure its debts and reduce its overall debt load.

However, there are also some risks associated with filing Chapter 11 bankruptcy. First, it can be expensive. Second, it can damage the debtor’s credit rating. Third, it can be time-consuming.

If you are considering filing Chapter 11 bankruptcy, you should speak with an attorney to discuss your specific situation. An attorney can help you understand the benefits and risks of Chapter 11 bankruptcy and can help you file the necessary paperwork.

Here are some of the pros and cons of filing Chapter 11 bankruptcy:

Pros:

  • Stops creditors from taking legal action
  • Provides time to develop a plan to repay creditors
  • Allows debtor to restructure debts and reduce overall debt load

Cons:

  • Can be expensive
  • Can damage credit rating
  • Can be time-consuming

If you are considering filing Chapter 11 bankruptcy, you should weigh the pros and cons carefully. An attorney can help you understand your options and make the best decision for your situation.


How much time does Vice Media Have to prepare and file a Chapter 11 Plan ?

A company has 120 days from the date of filing for Chapter 11 bankruptcy to file a plan of reorganization. The court may extend this deadline for up to 180 days, but only if the company can show good cause for the extension.

If the company does not file a plan within the 120-day deadline, the court may dismiss the case. The court may also appoint a trustee to manage the company’s assets and operations.

The plan of reorganization must be approved by a majority of the company’s creditors. The plan must provide for the payment of all or a portion of the company’s debts. It may also allow the company to restructure its debts or to discharge certain debts altogether.

If the plan is approved, the company will be able to emerge from Chapter 11 bankruptcy and continue operating. However, the company will be subject to certain restrictions, such as the requirement to make payments to its creditors under the terms of the plan.

Here are some of the factors that the court will consider when deciding whether to extend the deadline for filing a Chapter 11 plan:

  • The complexity of the company’s financial situation
  • The progress that the company has made in developing a plan of reorganization
  • The likelihood that the company will be able to emerge from Chapter 11 bankruptcy if the deadline is extended

If you are considering filing for Chapter 11 bankruptcy, you should speak with an attorney to discuss your specific situation. An attorney can help you understand the deadline for filing a plan of reorganization and can help you develop a plan that is likely to be approved by the court.


What is Next for Vice Media Bankruptcy ?

Vice Media filed for Chapter 11 bankruptcy on May 15, 2023. The company has been struggling financially for several years, and the bankruptcy filing is an attempt to restructure its debt and get back on track.

Under Chapter 11 bankruptcy, Vice Media will have 120 days to develop a plan of reorganization. The plan must be approved by a majority of the company’s creditors. If the plan is approved, Vice Media will be able to emerge from bankruptcy and continue operating.

However, the company will be subject to certain restrictions, such as the requirement to make payments to its creditors under the terms of the plan. It is also possible that Vice Media could be sold to another company as part of the bankruptcy process.

The future of Vice Media is uncertain, but the bankruptcy filing is a necessary step for the company to try to get back on track. The company has a long history of innovation and creativity, and it is possible that it will be able to emerge from bankruptcy stronger than ever before.

Here are some of the possible outcomes for Vice Media after filing for Chapter 11 bankruptcy:

  • The company could emerge from bankruptcy and continue operating as a standalone business.
  • The company could be sold to another company.
  • The company could be liquidated, meaning that its assets would be sold off and its debts would be paid.

The outcome for Vice Media will depend on a number of factors, including the company’s financial situation, the progress it makes in developing a plan of reorganization, and the reaction of its creditors.


Source:
(1) Vice Media files for bankruptcy, latest in a series of liberal media struggles. https://www.msn.com/en-us/money/companies/vice-media-files-for-bankruptcy-latest-in-a-series-of-liberal-media-struggles/ar-AA1bdETs.
(2) Vice Media files for Chapter 11 bankruptcy protection – CNN. https://www.cnn.com/2023/05/15/media/vice-media-chapter-11-bankruptcy/index.html.
(3) Vice Media, once worth $5.7 billion, files for bankruptcy. https://www.npr.org/2023/05/15/1173260377/vice-media-bankruptcy.
(4) Vice Media files for bankruptcy: Three lenders bid for majority of company. https://www.msn.com/en-us/money/other/vice-media-files-for-bankruptcy-three-lenders-bid-for-majority-of-company/ar-AA1bcGJQ.
(5) Vice Media Bankruptcy: CNN, HBO, A&E Networks Among Creditors List. https://news.yahoo.com/vice-media-bankruptcy-cnn-hbo-205823199.html.

Colorado Bankruptcy Filing – May 2023

If you are considering filing bankruptcy in Colorado, you should contact an attorney as soon as possible. An attorney can help you make the best decision for your situation and protect your rights.

Where can Bankruptcy Be Filed in Colorado

People can file bankruptcy petitions in Colorado at the following locations:

  • United States Bankruptcy Court for the District of Colorado
  • 1900 Stout Street
  • Denver, CO 80202
  • Phone: (303) 844-5120

Can Colorado Residents file Bankruptcy Petition Electronically?

You can also file bankruptcy petitions online through the United States Bankruptcy Court’s website. To file online, you will need to create an account and submit the required forms.

What is the benefit of hiring a Bankruptcy Attorney to File Petition for you?

If you are unable to file bankruptcy on your own, you may want to consider hiring an attorney. An attorney can help you understand the bankruptcy process and prepare the necessary paperwork.

Here are some of the benefits of hiring an attorney to file bankruptcy:

  • An attorney can help you understand your rights and options under the law.
  • An attorney can help you file the necessary paperwork correctly.
  • An attorney can represent you in court if necessary.

The following property exemptions are available in Colorado for bankruptcy:

  • Homestead exemption: Up to $75,000 of equity in your home. This amount increases to $105,000 if you are 60 years old or older or disabled.
  • Personal property exemption: Up to $10,000 of equity in your personal property, including furniture, appliances, clothing, and jewelry.
  • Tools of the trade exemption: Up to $20,000 of equity in tools and equipment used in your trade or business.
  • Retirement accounts exemption: Up to $1 million of equity in retirement accounts, such as IRAs and 401(k)s.
  • Life insurance exemption: Up to $100,000 of death benefits from life insurance policies.
  • Public benefits exemption: Up to $10,000 of benefits received from government programs, such as Social Security and unemployment benefits.

You can choose to exempt any or all of these assets from your bankruptcy. If you do not choose to exempt an asset, it may be sold by the bankruptcy trustee to pay your creditors.

It is important to note that these are just the general property exemptions available in Colorado. There may be other exemptions available to you depending on your specific circumstances. You should consult with an attorney to discuss your specific situation and determine which exemptions are available to you.

What is Bankruptcy?

Bankruptcy can provide a fresh start for those struggling with financial hardship. It is a way to relieve debt and give individuals a second chance.

Question 1: What is Bankruptcy?
Answer: Bankruptcy is a legal process that allows individuals and businesses to eliminate or repay some or all of their debts under the protection of the federal bankruptcy court. It is a way for people who are unable to pay their debts to get a fresh start and a second chance at financial stability.

Question 2: What are the different types of Bankruptcy?
Answer: The two most common types of bankruptcy are Chapter 7 and Chapter 13. Chapter 7 bankruptcy is designed for individuals and businesses who cannot pay their debts and need to have them discharged. Chapter 13 bankruptcy is designed for individuals who have a steady income and can repay some or all of their debts over a three to five year period.

Question 3: What are the benefits of filing for Bankruptcy?
Answer: Filing for bankruptcy can provide individuals and businesses with a fresh start by eliminating or reducing their debts. It can also stop creditors from harassing you and prevent them from taking legal action against you. Additionally, filing for bankruptcy can provide individuals with the opportunity to rebuild their credit score and gain financial stability.

Question 4: What debts can be discharged in Bankruptcy?
Answer: Generally, most unsecured debts such as credit card debt, medical bills, and personal loans can be discharged in bankruptcy. However, certain types of debts such as student loans, alimony, and child support are not eligible for discharge.

Question 5: What are the requirements for filing for Bankruptcy?
Answer: The requirements for filing for bankruptcy vary depending on the type of bankruptcy you are filing for. Generally, you must meet certain income requirements, complete a credit counseling course, and provide the court with detailed information about your financial situation.

Question 6: How long does Bankruptcy stay on my credit report?
Answer: Generally, bankruptcy will stay on your credit report for up to 10 years. However, it is possible to rebuild your credit score and gain financial stability even after filing for bankruptcy.

Question 7: How much does it cost to file for Bankruptcy?
Answer: The cost of filing for bankruptcy varies depending on the type of bankruptcy you are filing for and the complexity of your case. Generally, filing for Chapter 7 bankruptcy will cost around $1,500, while filing for Chapter 13 bankruptcy will cost around $3,000.

Question 8: What is the difference between Chapter 7 and Chapter 13 Bankruptcy?
Answer: Chapter 7 bankruptcy is designed for individuals and businesses who cannot pay their debts and need to have them discharged. Chapter 13 bankruptcy is designed for individuals who have a steady income and can repay some or all of their debts over a three to five year period.

Question 9: What is the process for filing for Bankruptcy?
Answer: The process for filing for bankruptcy involves filing a petition with the bankruptcy court, attending a meeting of creditors, and completing a credit counseling course. Additionally, you will need to provide the court with detailed information about your financial situation.

Question 10: What are the consequences of filing for Bankruptcy?
Answer: Filing for bankruptcy can have a negative impact on your credit score and can make it difficult to obtain credit in the future. Additionally, it can be difficult to obtain employment if you have filed for bankruptcy. However, filing for bankruptcy can provide individuals and businesses with a fresh start and a second chance at financial stability.

Excerpt

Bankruptcy can provide a fresh start for those struggling with financial hardship. It is a way to relieve debt and give individuals a second chance. Filing for bankruptcy can be a difficult decision, but it can also be a positive one. It is an opportunity to start over and begin rebuilding a secure financial future.